Question: For this week discussions, we talked about relationship between GDP and national income - the practical implications of their interchangeability, especially when it comes to
For this week discussions, we talked about relationship between GDP and national income - the practical implications of their interchangeability, especially when it comes to the dollars we have to spend in our everyday lives. We made a connection using economic theories to our own experiences of managing disposable income and making choices about where our money goes. We also initiate our discussions about aggregate expenditure, and the Marginal Propensity to Consume became a focal point of our discussions, we could see its direct relevance to our own spending habits. Yet, when it came to the graphing of aggregate supply and demand, the struggle was real. A collective sigh echoed through the virtual class as we grappled with these complex graphs, somehow similar to a regular supply and demand charts we've grown accustomed to
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